222 N. JACKSON GLENDALE, CA 91206 - LoopNet · 222 N. Jackson Glendale, CA 91206 Investment Property Services, Inc. is pleased to represent the Ownership of a twelve unit multi-family

Joseph Stitick, CCIM

Investment Property Services, Inc.

601 East Glenoaks Boulevard

Suite 206

Glendale, CA 91207

BRE Lic #00862712

222 N. JACKSON

GLENDALE, CA 91206

Excellent Rental Location

Tremendous Upside in Rents

No Rent Control

Well Maintained

Telephone: (818) 956-7006 Fax: (818) 956-1517 Email: [email protected]

AS INDIVIDUAL MEMBERSHIP

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation

about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without no-

tice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property.

222 N. Jackson

Glendale, CA 91206

Investment Property Services, Inc. is pleased to represent the Ownership

of a twelve unit multi-family apartment building in a great rental location

in the heart of Glendale City.

With an estimated population of 200,167, the City offers a rich cultural

history, accessible services, responsive City government and low

business taxes.

This building specifically is in close proximity to City Civic Buildings,

Glendale Police Department, freeways, major stores and many local

shops and restaurants.

Walk Score: 222 N. Jackson Street has a Walk Score of 95 out of 100!

A Walker’s Paradise! Daily errands do not require a car.

Source: STDB-ESRI Walkability

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee,

warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior

sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may

not represent current or future performance of the property.

INVESTMENT SUMMARY

Price: $2,800,000 Year Built: 1950

Units: 12 Price/Unit: $233,333

GSF: 6,559 Price/GSF: $426.89

Lot Size: 7,497 Floors: 2

Cap Rate: 3.65% Market Cap Rate: 3.52%

GRM: 20.79 Market GRM: 17.41

FINANCING SUMMARY

Loan Amount: $1,680,000

Down Payment: $1,120,000 (40%)

Loan Type: Fixed

Interest Rate: 3.69

Term: 5/30 Years

Monthly Payment: $7,876

DCR: 1.6

APN: 5642-018-051

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee,

warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior

sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may

not represent current or future performance of the property.

ANALYSIS

Analysis Date: May 2017

Property Address:

222 N. Jackson Street

Glendale, CA 91206

Year Built: 1950

PURCHASE INFORMATION

Property Type: Multi-Family

Purchase Price: $2,800,000

Investment: $1,160,000 (40%)

Units: 12

Total Building Gross Sq. Ft: 6,559

PROFORMA LOAN

Debt: $1,680,000

Term: 7 Years

Amortization: 30 Years

Rate: 3.85%

Payment: $7,876

Gross Potential Annual Rent: $161,560

Monthly: $ 13,463

Total Annual Expenses: (Market Est.) $ 62,378

Monthly Expenses: $ 5,198

INCOME & EXPENSES (MARKET)

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee,

warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior

sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may

not represent current or future performance of the property.

ACQUISITION COSTS

Purchase Price: $2,800,000

Investment—Cash: $1,120,000 (40%)

First Loan: $1,680,000

INVESTMENT INFORMATION

Offering Price: $2,800,000

Offering Price per Unit: $233,333

Price per Sq. Ft.: $426.89

Income per Unit (Pro Forma): $13,400

Expenses per Unit (Pro Forma): $3,790

INCOME, EXPENSES & CASH FLOW PRO FORMA

Gross Scheduled Income: $162,320

Total Vacancy and Credits: ($4,039) (2 1/2%)

Operating Expenses: ($69,536)(Including new property taxes based on sales price)

Net Operating Income: $88,745

Debt Service: ($61,992) (Interest Only Years 1 & 2)

Cash Flow Before Taxes: $37,190

FINANCIAL INDICATORS

Cash on Cash Return Before Taxes: 7.9%

Debt Coverage Ratio: 1.6

Capitalization Rate: 3.54%

Gross Rent Multiplier: 17.33

Gross Income/Square Feet: $24.52

Gross Expenses/Square Feet: ($9.51)

Operating Expense Ratio: 38.7%

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee,

warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior

sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may

not represent current or future performance of the property.

INCOME

Current Per Unit Market Per Unit

Gross Potential Rent $134,700 $11,225* $161,560 $13,527

Laundry $ 760 760

Less: Vacancy ——- ($4,039) (2 1/2%) ($335)

Effective Gross Income $135,460 $11,288 $158,281 $13,190

*Note 9 Singles at $1,000 + 1 Single at $975 + 1-2BR at $1,250 + 1-2 BR at $0 (Owner Occupied)

OPERATING EXPENSES

Actual Per Unit Market Per Unit

Building Insurance $3,045 $254 $4,500 $375

Grounds Maintenance $720 $60 $720 $60

Management $7,670 $639 $6,271 $523

Maintenance/Repairs $9,332 (1) $778 $5,000 $833

Pest Control $336 $111 $336 $25

Real Estate Taxes $2,614 $218 $44,589 (2) $3,716

Utilities/Trash Removal $8,122 (3) $677 $8,122 $677

Miscellaneous $840

Total Expenses ($32,679) ($2,735) ($69,536) ($5,199)

Net Operating Income $102,012 $8,520 $88,745 $7,927

(1) Repairs = $3,598 General Maint. = $915 Materials = $1,419 Plumbing = $2,101

Roofing = $325 Flooring/Replacement = $974

(2) Tax Rate: (.0159 x $2.8M)

(3) Trash = $884 Gas = $1,251 Electric + Water = $4,877 Janitorial = $1,110

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee,

warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior

sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may

not represent current or future performance of the property.

222 N. Jackson Street

Glendale, CA 91206

Twelve Unit Building

Not Subject to Rent Control

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee,

warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior

sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may

not represent current or future performance of the property.

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee,

warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior

sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may

not represent current or future performance of the property.

440 E. San Jose

Asking Price: $2,700,000 Units: 8

Cap Rate: 3.28 Price per SF: $317.61

Year Built: 1960 NOI: $107,445

CPU: $337,500 SF: 8,501

1164 Allen Avenue

Asking Price: $3,180,000 Units: 8

Cap Rate: 3.49 Price per SF: $395.87

Year Built: 1936 NOI: $115,408

CPU: $357,500 SF: 8,033

1157 N. Maryland Avenue

Asking Price: $2,499,000 Units: 8

Cap Rate: 4.00 Price per SF: $452.72

Year Built: 1926 NOI: $99,960

CPU: $312,375 SF: 5,520

703 E. Providencia Avenue

Asking Price: $2,995,000 Units: 10

Cap Rate: 4.21 Price per SF: $447.95

Year Built: 1924 NOI: $126,152

CPU: $299,500 SF: 6,686

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee,

warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior

sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may

not represent current or future performance of the property.

COMPARABLES: FOR SALE

1015 E. Wilson

Sale Date: October 31, 2016 Units: 10

Unit Price: $297,000 Cap Rate: 3.13

Year Built: 1960 Cost PSF: $352.23

209-10 N. Louise

Sale Date: November 18, 2016 Units: 12

Unit Price: $270,833 Cap Rate: 3.20

Year Built: 1936 Cost PSF: $443.69

406 Peidmont

Sale Date: December 23, 2016 Units: 11

Unit Price: $272,727 Cap Rate: 3.33

Year Built: 1962 Cost PSF: $364.08

2050 5th Street

Sale Date: December 28, 2016 Units: 10

Unit Price: $290,000 Cap Rate: 4.06

Year Built: 1958 Cost PSF: $470.17

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee,

warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior

sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may

not represent current or future performance of the property.

COMPARABLES: SOLD